When we receive a client’s Development Application (DA) Consent it’s always an exciting time.

Receiving council approval is one of the major milestones of a property development and it should be celebrated. But the champagne and toasts can wait because there is one thing you must do immediately.

Whilst there has been so much commentary this week on the Federal Budget, I thought we could talk about a different type of Budget - one that’s just as important to property developers as the Budget is to the politicians. Budgeting well for your building or construction works is crucial to the success (or not) of your development.

Today I met with two of my lovely clients to celebrate the completion of their dual occupancy project. Friends Karen and Katie decided to do a joint venture (JV) with the goal of each ending up with a villa after subdivision.

We receive lots of calls from property investors wanting to talk to us about developing. During our initial chat we discuss their goals and achievements to date with property. Usually we find that most people have at least one investment property, some have several. Some have built a house before but most haven’t. Then we discuss what property developing is like as an experience to see if they think it may suit them.